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Tom Caddick, head of fund management, who runs the group’s funds with manager Toby Vaughan, has added Mr Young’s $6.8bn (£4.26bn) Aberdeen Global Asia Pacific Equity fund as a 1 per cent position. Mr Caddick said he funded the holding by moving money out of cash.

“We have held the fund for some time in our non-UK funds,” he said. “We have only added it to one fund at present, but we could see it added to more of our funds. Also, while we have taken a tentative step in the Global Equity fund, we will probably build the position up in the next quarter.”

He said Mr Young has a “strong long-term track record” and that his fund enjoys a low turnover of investments and strong research to back them.

The Aberdeen fund produced a return of 55.9 per cent over five years to May 9 compared with its MSCI AC Asia excluding Japan benchmark’s 36.3 per cent, according to Morningstar.

Asia is already the largest overweight in Santander’s Global Equity fund, but it is not its largest geographic exposure.

The new fund addition comes after a series of other changes by the duo.

In February, they bought a new position in the £695m Jupiter Strategic Bond fund, which is managed by Ariel Bezalel. The new position meant a third of the managers’ exposure to credit was coming from ‘strategic’ investment strategies, which invest across different areas of fixed income.

In the same month, the pair also added funds from Carmignac Gestion, Fidelity and Amundi to their UK-domiciled £22m Global Emerging Equity fund. In particular, Mr Caddick said the ¤1.7bn (£1.4bn) Carmignac Emergents fund, run by Simon Pickard, had been established as a core holding at 9 per cent.

Elsewhere, the duo also added the £135m BNY Mellon Absolute Return Equity fund run by BNY subsidiary Insight Investment in the first quarter across several of their multi-manager funds.

Since taking over the Global Equity fund in January 2011, the vehicle has delivered a third quartile loss of 7.6 per cent compared with an average loss for the IMA Global sector of 5.4 per cent, according to Morningstar.

However, the £221.5m Santander Multi-Manager (MM) Balanced fund has delivered a second quartile gain of 1.3 per cent since the managers took over compared with the IMA Mixed Investment 20-60 per cent Shares sector average of 1 per cent, according to Morningstar.

The £60.9m MM Cautious fund is in the same sector and has delivered a top decile gain of 6.8 per cent since Mr Caddick and Mr Vaughan took over.